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5 Types of Insurance You Need to Protect Your Business

Modern Times Sep 17, 2020
Protecting your business is paramount these days so you need the right business insurance.
From professional liability insurance to protections against property damage, there are several kinds of business insurance that can make your life as a business owner that much simpler. This is what you need to know about these various types of insurance.
Property Damage Insurance
This covers your business property, such as equipment, inventory, office furniture, and more against vandalism or destruction.
However, if you want protection from natural disasters like flooding or earthquakes, you'll want additional coverage. This is one of the types of business insurance that every business owner should invest in.
Professional Liability Insurance
Protecting yourself from professional liability. is an absolute necessity, no matter what type of business you run. Also known as errors and omissions (E&O) insurance, general liability insurance policies protect you from negligence claims.
General liability usually stems from mistakes or but there's no catch-all general liability insurance policy.
Product Liability Insurance
Even if you've taken all the steps to ensure that your products are safe, product liability insurance can ward off lawsuits and legal costs as a result of damages or bodily injury caused by your products. Your business owner policy will likely be tailored to fit your specific insurance needs.
Workers' Compensation Insurance
Workers' compensation (or workers' comp, if you prefer) covers medical expenses and death benefits in the event that an employee is injured to dies while completing their work.
Even if your business operations are classified as low-risk, you may want a business insurance quote to gain coverage.
Vehicle Insurance
If any of your employees drive a company vehicle, you should purchase a commercial auto policy. There are few exclusions for this.
Also, if you pick the right policy and add it to your bundle, you may be able to get discounts, depending on your specific needs and policy limit.
Of course, there are plenty of other kinds of business insurance coverage. These include health insurance, malpractice insurance, business interruption coverage, unemployment insurance, and business income insurance. In many ways, you can never have enough insurance. Talk to your broker to learn more.